Food inflation in Nigeria, Africa’s largest economy, surged for the tenth straight month as it hit 31.52 percent in October 2023, the National Bureau of Statistics (NBS) announced yesterday. This is the first-time food inflation has been this high since 2009.
Similarly, headline inflation rose to 27.33 percent in October, a trend that places Nigeria among countries with high inflationary pressures in the world.
“In October 2023, the headline inflation rate increased to 27.33% relative to the September 2023 headline inflation rate which was 26.72%. Looking at the movement, the October 2023 headline inflation rate showed an increase of 0.61% points when compared to the September 2023 headline inflation rate.
“Furthermore, on a year-on-year basis, the headline inflation rate was 6.24% points higher compared to the rate recorded in October 2022, which was (21.09%). This shows that the headline inflation rate (year-on-year basis) increased in October 2023 when compared to the same month in the preceding year (i.e., October 2022),” NBS said.
The All Items less farm produced and energy inflation also increased to 22.58 per in October 2023.
